Late Payment Penalties for UK Taxes If you or your business fail to pay tax on time, HMRC will impose penalties and interest. Below is a breakdown of the current penalties for Income Tax, VAT, PAYE and Corporation Tax. Please see: https://www.gov.uk/government/publications/penalties-for-late-payment-and-interest-harmonisation/penalties-for-late-payment-and-interest-harmonisation Income Tax (Including Self-Assessment) – Late Payment Penalties If you miss the 31 […]
As the 2024/25 tax year draws to a close, employers must ensure all payroll obligations are met in line with HMRC reporting requirements. Below are the key deadlines for finalising payroll processes and reporting benefits for the year ending 5 April 2025. April 2025 5 April: End of the 2024/25 tax year. 19 April: Final […]
How to Save Tax in the UK: Essential Tax Planning Tips for 2024-25 If you’re looking for ways to save tax in the UK for the 2024-25 tax year, now is the perfect time to review your options. Acting before 5 April 2025 can make a real difference to your tax bill. We’ve put together […]
Maximise Tax Efficiency: Key Tips for Small Company Directors and Shareholders As the tax year-end approaches, it’s the perfect time for small company directors and shareholders to take charge of their finances and reduce tax liabilities on dividend payments. With a few strategic moves, you can ensure your dividend income is managed in the most […]
As of April 2025, significant changes have been implemented in the taxation of double-cab pick-up trucks. These changes are crucial for businesses and individuals who rely on these vehicles for both commercial and personal use. What’s Changing? Previously, double-cab pick-up trucks were classified as commercial vehicles. This classification allowed businesses to benefit from favourable tax […]
Tax planning points to consider before 6 April 2025. As the end of the tax year approaches, small company directors and shareholders should take proactive steps to minimise their tax liabilities on dividend payments. Careful planning is essential to ensure that dividends are taken in the most efficient manner. Tax-free dividend allowance The dividend allowance […]
An Accounting Gem Ltd is thrilled to celebrate its 20th anniversary, marking two decades of dedicated service and growth. From its humble beginnings as Gem Bookkeeping, founded by Eunice and her son Jeremy, the firm has evolved into a fully-fledged accountancy firm, renowned for its personalised service and commitment to local businesses. On 31 January […]
Strategies to consider before 6 April 2025 The Autumn Budget 2024 introduced significant updates to employer National Insurance contributions (NICs) and the Employment Allowance, effective from 6 April 2025. In this short alert we have highlighted these changes and pointed to strategies that you may wish to consider in future to reduce the impact on […]
When will you need to register for VAT or consider de-registration. As a trader, navigating VAT obligations can be a challenge, particularly when understanding when to register or de-register. Keeping an eye on specific goalposts is essential to ensure compliance with HMRC rules and avoid unnecessary penalties or financial inefficiencies. Below is a reminder of […]
Applying for HMRC Time to Pay arrangement Options for Self-Assessment Taxpayers Struggling with Payments Due 31 January 2025 If you’re a self-assessment taxpayer and concerned about finding the funds to pay your tax bill due by 31 January 2025, you’re not alone. Many people face financial challenges at this time of year. The good news […]
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